Vitasoy is popular in Asia as many people find they struggle with lactose intolerance.Credit:Bloomberg
Vitasoy Australia makes a range of plant-based milk,beverages and yoghurt products sold in Australia and New Zealand as well as overseas.
Vitasoy International,the Hong Kong stock exchange-listed parent company of Vita International,said in its announcement it believed $27.5 million would constitute fair value for Bega’s stake,according to a “recent valuation report by an independent party”.
Bega could either accept this figure or dispute the amount,which it intends to do,which would see the value determined by an independent expert.
“Bega Cheese believes that $27.5 million is substantially less than the fair value of[Bega’s] shareholding in Vitasoy Australia and,accordingly,[Bega] intends to dispute the fair value amount proposed by Vita International,” the dairy company said in a statement to the ASX on Thursday.
Vitasoy products.Credit:Brendan Esposito
Investors in the company did not look favourably upon the update,with its share price ending Thursday’s session down 2.4 per cent to $3.29.
Bega Group’s subsidiary National Foods paid $8.6 million for its 49 per cent stake in December 1999 when Vitasoy Australia was incorporated,Vita International’s document states. The business made $4.2 million after tax in profit in the 2021 financial year and $3.7 million in the 2022 financial year.